Elon Musk has once again distanced himself from most of the crypto market. While testifying in court in the case against OpenAI, he stated that most cryptocurrencies are a scam, although some assets, according to him, still have real value.
The statement came amid the launch of a new product from X. The platform has launched a web version of Cashtags, which turns stock and cryptocurrency tickers into interactive charts and feeds of posts about specific assets. This created a noticeable contrast: Musk criticizes the market, while his social network enhances tools for traders.
Musk Changes His Tone Toward the Market
A few years ago, Musk was one of the most influential public figures for cryptocurrencies. His posts on X moved Dogecoin, and in 2021, Tesla bought $1.5 billion worth of bitcoin, becoming one of the first major public companies to hold such an asset on its balance sheet.
Now the rhetoric has become tougher. In an Oakland court, Musk said that some cryptocurrencies make sense, but most of them are fraudulent projects. The phrase was uttered during a discussion of OpenAI’s idea to conduct an initial token offering in 2018.
This turn does not seem accidental. After the peak of 2020–2021, the market experienced a series of crashes, lawsuits, and bankruptcies, and the attitude toward tokens without a clear economy has become noticeably more cautious.
The OpenAI Story Brings Back the ICO Topic
Musk’s comment came as part of a civil case against OpenAI. His team claims that in 2018, Sam Altman proposed to finance OpenAI through the issuance of its own token.
According to Musk’s side, he opposed this idea. The argument was reputational: an initial token offering could have damaged trust in OpenAI and all parties to the deal. At that time, ICOs were a popular way to raise capital, but the market had already encountered a large number of questionable projects.
OpenAI, in turn, claims that Musk supported such a model. The court will have to sort out not only the details of old correspondence but also the broader dispute over how the company’s structure changed after partnering with Microsoft and launching commercial products.
Tesla Kept Bitcoin After Sell-Off
Despite the harsh assessment of the market, Musk did not completely exit cryptocurrencies. Tesla still holds 11,509 BTC, although in 2022 the company sold about 75% of its bitcoin reserve.
In the first quarter of 2026, the value of this position was estimated at about $879 million before revaluation. After the markdown, the amount of reported assets decreased by $222 million, showing the impact of BTC fluctuations on the company’s reporting.
For Tesla, bitcoin no longer appears to be the strategic center of financial policy. Rather, it is a residual position after the major 2021 bet that the company did not fully close.
X Turns Cashtags Into a Tool for Traders
Almost simultaneously with the court statements, X launched the web version of Cashtags. The feature allows users to click on stock and cryptocurrency tickers to open real-time charts and a feed of posts about a specific asset.
X’s head of product Nikita Bier presented the update as a step toward turning the platform into part of a trading terminal. This fits into X’s broader strategy to develop financial services, payments, and market data.
For users, this makes the platform closer to a working tool. X has long been used by traders as a source of news and market sentiment, and now it is getting a more convenient infrastructure for tracking assets.
Scam Protection Becomes Part of the Product
The launch of Cashtags comes with additional restrictions. Among them are contract address matching and blocks for accounts that are posting about cryptocurrencies for the first time.
The purpose of such measures is clear. X is trying to separate real assets and market discussions from scam tokens, which often use hype around tickers and fake launches.
This is directly related to Musk’s position. If he considers most tokens a scam, then the new X product should not just show charts, but filter out the riskiest schemes before they reach a mass audience.
Dogecoin Remains Part of Musk’s Story
Dogecoin holds a special place in this story. In 2021, Musk regularly wrote about DOGE, and these posts often led to sharp price jumps.
Later, he confirmed personal investments in bitcoin, Ethereum, and Dogecoin. Therefore, the current criticism of cryptocurrencies does not mean a complete rejection of the industry. Rather, Musk divides the market into assets with clear value and projects that exist only due to speculation.
This approach is also convenient for X. The platform can develop tools for trading and market data while simultaneously strengthening restrictions against questionable tokens.
For X, This Is Part of a Financial Strategy
Cashtags does not look like a separate experiment. X is gradually expanding its financial functions, including payments and tools for working with assets.
If the platform can combine news, charts, discussions, and transactions in one interface, it will become a competitor to some specialized services. Especially among retail traders who already spend a lot of time on X.
However, the key problem remains the same. The closer X gets to financial operations, the higher the requirements for moderation, user protection, and compliance with rules in different jurisdictions.
What This Means for the Market
Musk’s statement reflects a more mature attitude toward cryptocurrencies. Public figures can no longer simply support the entire market as they did during the ICO and meme token era.
Now the division is based on asset quality, emission transparency, and real-world use. This is especially important for platforms like X, where a single ticker or viral post can quickly attract thousands of users to a questionable token.
This is a signal for the industry. Major tech platforms are ready to work with cryptocurrencies, but will more actively separate liquid assets from speculative noise.
What’s Next?
The court case against OpenAI may last about three weeks. For the crypto market, it is important not only because of the old ICO idea, but also because of the public reassessment of Musk’s position.
Meanwhile, X will continue to develop financial features. If Cashtags gains traction, the platform could become a more prominent player in market infrastructure.
The main question remains about balance. Musk criticizes most cryptocurrencies, but his own platform is creating tools to trade them. It is this contradiction that makes the story important for the market.
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